Gold’s bull run is over

Gold ended its roughly one-week bull run on Thursday, in contrast to the rising stock market, after yesterday’s stock market euphoria brought by the slowdown in the consumer price index, today’s announcement of the unexpected reduction in producer prices continues to give impetus in the investment mood.

So, even though inflation continues to run high, many investors seem to be turning their attention to riskier assets, including US stocks.

The precious metal’s retreat on Thursday looks unusual given the drop in US Treasury yields and the dollar.

“There is a clash of narratives across asset classes, with forex and equities welcoming US macro data in the battle to tame inflation, while bonds and precious metals find no real support from the data,” noted XM analyst Marios Chatzikyriakos.

In this climate, Mr gold U.S. crude for December delivery was down $6.50, or 0.4%, on Thursday at $1,807.20 an ounce. The precious metal closed in losses for the first time since Aug. 5, according to FactSet.

The silver saw the contract for September delivery lose 38 cents, or 1.8%, to settle at $20.35 an ounce.

THE platinum for October delivery strengthened by $13.30, or 1.4%, to $959.4 an ounce, while the palladium September gained $42.50, or 1.9%, to $2,288.40.

Finally o copper for September delivery added 6 cents, or 1.6%, to $3.71 a pound.